DETROIT, MI - The owners of the Detroit Red Wings have agreed to set up a citizens advisory committee as it moves forward with a $650 million arena and entertainment district in the heart of the city, the Detroit Free Press reports.

A representative for the family of Mike and Marian Ilitch, the founders of Little Caesars Pizza who own the Red Wings as well as the Detroit Tigers, said that the committee would be involved in issues such as arena design and parking, as Detroit City Council considers a land transfer that would help move the project move forward.

Last month, a lame-duck Council voted in favor of an agreement with the Downtown Development Authority that expands the DDA's coverage area to include all of the 45-block development district for the project. The former Council also voted in favor of an agreement that would have Olympia Development operate the arena and allow for its use for 95 years.

Council tabled an item that would transfer city-owned land for the project, which would be funded with a mix of $365.5 million in private investment and an estimated public investment of $284.5 million.. Further action on the proposed hockey development could be taken by Council at meeting scheduled for Tuesday, Feb. 4.

The arena itself would cost $450 million. Olympia, which also owns, the Fox Theatre and City Theatre, would contribute $11.5 million annually for 30 years toward the construction debt on the 18,000-seat arena. The DDA would contribute $2 million a year. And another $12.8 to $15 million a year would come from property taxes paid within the city's downtown development district.

Olympia Development would invest $200 million in developing the proposed entertainment district, bringing the development's total price tag to about $650 million.

David Muller is the business reporter for MLive Media Group in Detroit. Email him at dmuller@mlive.com or follow him on Twitter or Facebook.